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    Chinese Authorities Set Out Plans for Financial Standardization

    February 08, 2022

    The China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBC) released a notice clarifying that loans for affordable rental housing projects shall be excluded from real estate loan concentration management. Banking institutions are encouraged to scale up support for affordable rental housing based on the principles of compliance with laws and regulations, sound risk management, and commercial sustainability. Additionally, certain Chinese authorities jointly issued the development plan for financial standardization during the 14th Five-Year Plan Period. These authorities are PBC, CBIRC, the China Securities Regulatory Commission, and the State Administration for Market Regulation.

    The development plan clarified the guidelines, basic principles, main objectives, key tasks, and supporting measures for advancing standardization of the financial sector with coordinated efforts during this five-year period. The development plan outlines seven key tasks:, as part of which the Chinese authorities will

    • improve the standards of financial risk prevention and control and financial statistics, enhance the standards of financial consumer protection, and ramp up the support of these standards for financial regulation.
    • focus on improvement of the green finance standard system, effectively develop the standards for inclusive finance, and enhance the standards as a guarantee for industry chain and supply chain finance.
    • steadily advance the development of fintech standards, systematically improve the standards for financial data elements, and advance the standards for financial information infrastructure; they will also strengthen the standards for the protection of financial cyber-security and develop standards for safe and controllable core information technologies in the financial sector.
    • accelerate the application of advanced international financial standards and actively participate in international financial standardization.
    • improve the supply structure of financial standards, strengthen their application, foster service industries for financial standardization, and promote the coordinated development of standard testing and certification.
    • optimize the operating mechanism of financial standardization, enhance the standardization capacity of financial institutions, promote the digital transformation of financial standardization, and strengthen the talent pool for financial standardization.
    • improve the financial infrastructure standards, steadily advance the development of standards for securities and futures, enrich gold market standards, and expand and upgrade insurance market standards.

     

    Keywords: Asia Pacific, China, Banking, Insurance, Securities, Lending, Real Estate Loans, Credit Risk, Fintech, Regtech, Digital Finance, Cyber Risk, CSRC, CBIRC, PBC, Sustainable Finance

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